NDIC Issues Fresh Directives On Employment, Advises Affected Staff To Resign

• The Nigerian Deposit Insurance Corporation is the body charged with protecting Nigerian depositors and ensuring a stable financial system
• The corporation has issued a circular concerning its employment regulations, explaining that it will build a transparent workforce
• NDIC has ordered full disclosure and wants staff who are directly affected by the new directive to resign immediately

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The Nigeria Deposit Insurance Corporation (NDIC) has issued updated employment directives to strengthen internal governance and accountability.

According to a circular dated Wednesday, May 21, 2025 (Ref: NDIC/HRD/CIR/23/VOL III/210), the corporation prohibits hiring staff members who are relatives by blood or marriage, including parent-child and spouses.

This policy aims to prevent conflicts of interest and promote transparency within the organisation.

The circular reads;

“This is to remind all staff that the Board of Directors at its 117th Meeting held on Tuesday 1st, Wednesday 2nd, Thursday 3rd, and Friday 4th March, 2022 directed that the corporation maintains a strict policy prohibiting the employment of staff with family relatives in the Corporation. This includes parent/child, spouses and co-parenting.”

What does the NDIC directive mean?

The NDIC board of directors had decided at a meeting held in March 2022 that it could not employ relatives, by blood or by marriage.

This means that where a parent and child, or a couple, or other relatives are working with the corporation, one of them would be advised to resign, the GUARDIAN reports.

The circular issued on Wednesday reads;

“In line with the existing practice, if a parent and child or couples are co-employees, one of them should be advised to resign. This policy aims to avoid any potential conflict of interest, promote transparency and maintain a fair and unbiased work environment.”

NDIC calls for full disclosure

By this circular, the NDIC has also called on staff to disclose any existing family relations within the corporation to the Human Resources department immediately.

The NDIC is the body charged with protecting the deposit of Nigerian bank customers and ensuring a stable environment in the banking industry by taking over the assets, and liquidating same to pay the customers and other stakeholders.

The NDIC Act 2023 already provides that a member of the NDIC board of directors should lose his or her seat if;

"found to have failed to disclose to the Board, his interest or the interest of any family member or close associate, known to him in any insured institution at the time of his appointment."

The latest directive now extends this beyond the insured institutions to include employees within the NDIC itself.

The management asked the staff for understanding and cooperation to maintain a transparent and professional work environment.

NDIC takes over 3,000 plots of land from a failed bank

Recall that the NDIC recently announced that it had taken over several housing estates previously owned by the defunct AHOCOL Savings and Loans Limited.

In a public notice obtained from its website, the NDIC stated that the listed housing estates were assets of AHOCOL Savings and Loans, which is currently undergoing liquidation.

As the appointed liquidator, the Corporation now holds legal ownership of these properties and has assumed full responsibility for their administration till whenever they are to be liquidated.

NDIC pays Heritage Bank Depositors

In related news, the NDIC has finally kept to its promise to pay Heritage Bank depositors in April 2025, more than nine months since the bank was officially shut down.

The insurer confirmed that disbursements have been made and urged those who are yet to receive payment to lodge a complaint on its website.

Legit.ng reported that the NDIC also sent an important message to the creditors and shareholders of the now-defunct Heritage Bank.

Source: Legit.ng